The direction prevented LME from extending the hours of trading on its electronic trading platform - LME Select. The OFT is currently investigating a suspected abuse of a dominant position by LME and the OFT believed that this move by LME would further restrict competition.
Following the receipt of substantial and material new evidence, the OFT no longer considers it is necessary to act urgently to protect the public interest or to prevent serious and irreparable harm to Spectron Group plc. The OFT continues to investigate the suspected abuse of a dominant position by LME.
The withdrawal of this measure means that LME is now free to extend its trading hours on LME Select as it had planned to do so.
Background
- The OFT may give interim measures directions under section 35 of the Competition Act before it has completed its investigation of a suspected infringement if:
- it has begun an investigation under section 25 of the Competition Act 1998 and not completed it, and
- it considers that it is necessary to act urgently either to prevent serious, irreparable damage to a particular person or category of persons, or to protect the public interest.
- Section 25 of the Competition Act 1998 allows the OFT to undertake a formal investigation if it has reasonable grounds to suspect that Article 82 has been infringed.
- For details of the original decision see press release 39/06.
